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BL
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| Record Number
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873901
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| Main Entry
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Papadia, F.
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| Title & Author
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Central banking in turbulent times /\ Francesco Papadia with Tuomas Välimäki.
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| Edition Statement
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First edition.
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| Publication Statement
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Oxford, United Kingdom :: Oxford University Press,, 2018.
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| Page. NO
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1 online resource
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| ISBN
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0191844055
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: 0192528874
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: 9780191844058
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: 9780192528872
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0198806191
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9780198806196
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| Bibliographies/Indexes
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Includes bibliographical references and index.
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| Contents
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Cover; Central Banking in Turbulent Times; Copyright; Foreword; Preface; Acknowledgements; Contents; List of Figures; List of Tables; List of Boxes; List of Contributors; Introduction; 1: Central Banking before the Great Recession; 1.1 Changing Nature and Objectives of Central Banks; 1.2 Dominant Central Bank Model before the Crisis; 1.2.1 Inflation Targeting; 1.2.2 The Neo-Wicksellian Approach; 1.2.3 Central Bank Reaction Functions and the Taylor Rule; 1.2.4 The Corridor Approach; 1.3 The Unsettled Issue of Financial Stability.
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1.4 Planting the Seeds of the Great Recession: Macroeconomic, Regulatory, Supervisory, and Intellectual Failings1.4.1 The Great Moderation; 1.4.2 Macroeconomic Failings; 1.4.3 Regulatory and Supervisory Failings; 1.4.4 Intellectual Failings; 2: Central Banking during the Great Recession; 2.1 Monetary Policy; 2.1.1 Consequences of the Great Recession; 2.1.1.1 DIFFICULTY CONTROLLING THE INTEREST RATE; 2.1.1.2 UNSTABLE RELATIONSHIP BETWEEN SHORT-TERM TARGET AND LONGER-TERM/RISKIER INTEREST RATES; 2.1.1.3 IMPAIRED ABILITY TO LOWER THE INTEREST RATE AS IT REACHED ITS LOWER BOUND.
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2.1.2 Central Bank Action and Communication2.1.3 Global Central Bank Collaboration; 2.1.4 Assessment; 2.1.4.1 DIVERGENT APPROACHES OF THE FED AND ECB IN REGAINING CONTROL OF SHORT-TERM RATES; 2.1.4.2 REMEDYING IMPAIRED MARKETS AND REPAIRING THE TRANSMISSION MECHANISM; 2.1.4.2.1 ECB Efforts to Restore the Monetary Policy Transmission Mechanism; 2.1.4.2.2 Fed Efforts to Restore Impaired Monetary Policy Transmission; 2.1.4.3 EASING MONETARY POLICY BELOW THE LOWER BOUND; 2.1.4.3.1 Forward Guidance; 2.1.4.3.2 Quantitative Easing and Negative Interest Rates; 2.2 Financial Stability.
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2.2.1 Consequences of the Great Recession2.2.1.1 THE VERY LIMITED SIZE OF THE TRIGGER OF THE CRISIS; 2.2.1.2 AN EXPLOSION OF FINANCIAL STRESS; 2.2.1.3 EVAPORATION OF BOTH MARKET AND FUNDING LIQUIDITY AS WELL AS LIQUIDITY HOARDING BY BANKS; 2.2.1.4 FOUR WAVES OF LOSSES AFFECTED THE BALANCE BETWEEN BANKSâ#x80;#x99; INCREASED RISK AND DEPLETED CAPITAL, EACH FOLLOWED BY CAPITAL RECONSTITUTION; 2.2.1.5 LOW PROFITABILITY MADE THE RECONSTITUTION OF CAPITAL BY BANKS MORE DIFFICULT; 2.2.1.6 THE REDUCTION IN BANK INTERMEDIATION WAS PART OF THE PROCESS OF RE-EQUILIBRATING BALANCE SHEET RISK AND CAPITAL.
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2.2.1.7 WHILE BANKS WERE REDUCING THEIR ROLE, THE SHADOW-BANKING SECTOR INCREASED ITS INTERMEDIATION, PARTICULARLY IN THE EURO-AREA2.2.2 Central Bank Action and Communication; 2.2.2.1 â#x80;#x98;DUAL-PURPOSEâ#x80;#x99; MEASURES; 2.2.2.2 MICRO- AND MACRO-PRUDENTIAL MEASURES; 2.2.3 Assessment; 3: Central Banking after the Great Recession; 3.1 Hits to the Pre-Crisis Central Bank Model; 3.2 Was the Pre-Great Recession Central Banking Model Jeopardized?; 3.3 Strategic and Operational Issues; 3.4 Central Banks in a New Regulatory and Supervisory Landscape.
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| Abstract
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An examination of the post-recession responsibilities of central banks, this book proposes adaptations to the central banking model that preserve the advantages in terms of inflation control brought by their independence, while taking into account the long-term consequences of the Great Recession.
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| Subject
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Banks and banking, Central.
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| Subject
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Banks and banking, Central.
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| Subject
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BUSINESS ECONOMICS-- Finance.
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| Dewey Classification
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332.11
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| LC Classification
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HG1811.P255 2018
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| Added Entry
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Välimäki, Tuomas
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